Shares of First Solar plunged 17% Wednesday to their lowest level in three months after the company delivered disappointing fourth-quarter sales figures and a weak outlook for the first quarter.

First Solar (FSLR) reported revenue of $1.1 billion for the last three months of 2012, falling short of the $1.3 billion that analysts were expecting. For the first quarter, the solar panel maker expects to earn between 70 cents and 90 cents per share on revenue of $650 million to $750 million. Analysts were expecting the company to earn 89 cents per share on revenue of $867 million for the current quarter.

Bank of America's Joe Osha also cut his price target to $25 per share from $35. That's nowhere near a resounding endorsement for a stock trading at just above $26. It's closer to its 52-week low than its 52-week high at this point.

"While the balance sheet is healthy, and the company has stayed profitable thanks to its legacy U.S. utility-scale projects, as those gradually roll off we envision progressively lower levels of profitability," said Molchanov in his note to clients. "We maintain our Underperform rating, a negative stance on par with the three other module makers we cover: SunPower, Suntech (STP), and Trina (TSL)."

PTSD_TraderI do not own, but if $FSLR hits the mid-point of Q1 2013 estimates at 0.80 EPS, they are now trading at a 5.53 forward P/E ratio.

That's a pretty cheap P/E but depends if you're willing to take a chance on a stock that has cooled off considerably over the past year.

my_option$FSLR With multiple downgrades and price target of $25 I am not sure 22 is safe